The OCC today issued guidance on money market mutual funds, or MMFs, for banks that offer MMFs to customers or that automatically sweep funds between deposit accounts and MMFs, as well as banks that invest in MMFs.

The SEC has released a series of frequently asked questions on its 2014 reforms of money market mutual funds. The FAQs represent staff views on the new rules and address a number of issues including which investors would be eligible to invest in retail prime money market funds starting in October 2016 when the reforms take effect.